Future Fund to vote against Qantas director Todd Sampson
Some of Qantas’ largest investors, including the Future Fund, are set to vote against the re-election of Todd Sampson to the airline’s board, raising the prospect that the advertising executive could be forced into an abrupt exit.
The Future Fund, which manages some $200 billion on behalf of the federal government, will vote against the extension of Mr Sampson’s tenure and the Qantas remuneration report. The sovereign wealth fund, along with other superannuation funds, hold about one-third of all Qantas shares.
Todd Sampson might be the first early departure at Qantas for some time. Joe Armao
The Future Fund has privately urged the Qantas board to take accountability for damage to the airline’s reputation and governance failures, sources said.
The fund is also supportive of a decision by Jacqueline Hey and Maxine Brenner to exit the board when the airline reports half-year results in February.
But it maintains the Qantas remuneration report – including the granting of up to $14.1 million in incentives to former chief executive Alan Joyce – is inappropriate.
Future Fund chairman Peter Costello also chairs the board of Nine Entertainment, publisher of The Australian Financial Review.
The Australian Council of Superannuation Investors has recommended investors vote against Mr Sampson, with many industry pension funds set to follow the advice, sources confirmed.
Ownership Matters, an influential proxy advisory group, has also recommended investors rebuke Mr Sampson over brand failings and for his role on the Qantas remuneration committee.
Qantas chairman Richard Goyder has previously said he will retire before the company’s annual meeting next year. That leaves the airline searching for a new chairman, as well as two new
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